At the start of Q2 earnings season, investors looked for tariff-related impacts on profits. Major U.S. financial firms reported only limited effects—especially compared to the auto industry. General Motors (No.

GM’s stock dropped more than 7% after carmaker reported$1.1 billion in tariff costs in the second quarter, despite mitigation efforts.

General Motors has reported a sharp drop in profits as it took a $1.1bn hit in Q2 due to the impact of trade tariffs. It said the net impact reflected ‘minimal mitigation offsets’. Net income was down by over a third on last year at $1.